Currency Devaluations Loom Large Over Nigeria and Egypt Amidst Financial Woes
Yesterday marked a significant day for Nigeria’s economy as the country effectively devalued the Naira by approximately 30%, following another 30% devaluation in June.
Similarly, Egypt faces immense pressure to devalue its currency, with the Egyptian Pound trading at nearly 50% below its official rate on the black market.
These developments come as part of a larger trend of currency depreciation across Africa, according to various reputable sources including the Economic Intelligence Unit’s “Africa Outlook 2”
